Niqo Robotics Startup Secures $9M Funding to Transform Agriculture

Niqo Robotics, a pioneering agritech startup based in Bengaluru, has successfully closed a significant funding round, raising $9 million. The funding, spearheaded by Brida Innovation Ventures, signals a resurgence for the company in the investment landscape after a hiatus of three years. According to insights from Entrackr, this infusion of capital is set to propel Niqo Robotics towards its mission of revolutionizing crop care through innovative robotics solutions.

Niqo Robotics Investors

Leading the investment charge, Brida Innovation Ventures injected Rs 41.5 crore into this Robotics startup, with additional support from Omnivore Partners contributing Rs 33.2 crore. TheKredible, a trusted financial source, reports that this funding round has propelled Niqo Robotics to a post-money valuation of approximately Rs 290 crore, equivalent to $35 million.

With this influx of investment, there have been notable changes in ownership and stake distribution within Niqo Robotics. Omnivore Partners now holds the largest external stake in the company, commanding a 25.7% share. Brida Innovation Ventures follows closely behind with an 18% stake, while Blume Ventures retains a 10.7% share. Despite these shifts, founder Jaisimha Rao remains a steadfast pillar of the company, maintaining over a quarter of Niqo Robotics, reaffirming his unwavering dedication to the company’s growth trajectory.

What is Niqo Robotics?

Established in 2015 by Jaisimha Rao, Niqo Robotics has been at the forefront of transforming agriculture with its innovative technologies. The company’s flagship AI-powered Spot Spray Technology, driven by a proprietary agriculture camera, is poised to revolutionize crop care spraying practices. By leveraging cutting-edge AI algorithms, Niqo Robotics optimizes spray targeting, minimizing waste and ensuring precise application directly to the plant, thus enhancing both the financial and environmental sustainability of crop care practices.

The strategic rebranding from TartanSense to Niqo Robotics in the previous year underlines the company’s commitment to showcasing its prowess in robotics and technological innovation.

Niqo Robotics Future Plans

With this recent funding injection, Niqo Robotics has amassed a total funding of $16 million since its inception. Previous funding rounds include a $5 million Series A in 2021 and a $2 million Seed round in 2019. Despite its groundbreaking technological advancements, the company remains in a pre-revenue phase, with modest revenue of Rs 1.3 crore in FY23 and incurred losses doubling to Rs 9.8 crore. However, with the backing of strategic investors, Niqo Robotics is poised for accelerated growth and market expansion as it continues to pioneer innovative solutions in the agritech landscape.

Looking ahead, Niqo Robotics is committed to pushing the boundaries of agricultural robotics, driving towards sustainable and efficient farming practices. With a robust foundation fueled by strategic investments, the company stands poised to make significant strides in transforming the agricultural landscape, offering solutions that address the evolving needs of farmers while fostering environmental stewardship. As Niqo Robotics continues to innovate and expand its market presence, it remains a beacon of technological advancement in the realm of agritech.